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For a lot of people their house literally is their savings. Property values dropping means no old age care, etc. That may or may not be true for your friends bu
by api 7y ago
For a lot of people their house literally is their savings. Property values dropping means no old age care, etc. That may or may not be true for your friends but its true for a lot of people.
Housing as financial instrument is for my money one of the worst things in our economic systems, but I have no idea how to back out of it without vaporizing the savings of at least one generation.
- lopmotr 7y agoIn San Francisco, long term homeowners can afford to have it vaporized because the gains they've made far outstrip what they'd get from other investments. Morally, it should be vaporized because the value comes directly from their political action causing other people to be excluded, not from anything productive or even from successful speculating.
- taborj 7y ago> Morally, it should be vaporized because the value comes directly from their political action causing other people to be excluded, not from anything productive or even from successful speculating. Slippery slope. I don't necessarily disagree, but it's a dangerous path, ripe for abuse.